BUSINESS

Frenzied buying lifts Sensex by 123 points

MUMBAI, NOV. 29. Frenzied buying by foreign institutional investors lifted the Sensex up by a steep 122.74 points or 2.03 per cent to close at 6157.77, the second highest closing over 10 months.

Ignoring the ongoing tussle between the two Ambani brothers, Mukesh and Anil, over the ownership issue, shares in the Reliance group attracted good buying and RIL, REL, Reliance Capital, RIIL and IPCL rose smartly. The good support for the Reliance group shares was a clear indication that investors had full faith in the company's strong fundamentals, dealers said.

Elsewhere, metal, bank, textiles and software shares continued to hog the limelight and remained at the forefront, leading the pack, dealers said.

The spurt in the Sensex could be gauged by a sharp to moderate rise in 27 out of 30 index-based scrips including heavyweights such as BHEL, Grasim, Hero Honda, HLL, HPCL, ICICI Bank, Infosys Technologies, ITC, MUL, ONGC, Ranbaxy, RIL, Satyam Computer SBI, Tata Motors, Wipro and Tisco.

HPCL (up 4 per cent to Rs. 348) informed that a meeting of its board of directors is scheduled for December 9 to consider a proposal for payment of interim dividend for 2004-05. BPCL too closed up 4 per cent at Rs. 409.

The BSE-30 share sensitive index opened slightly lower at 6033.42 against last Weekend close of 6035.03 and gradually moved up to a high of 6166.72 before concluding at 6157.77, the closing level not seen since January 14 when it ended at 6194.11. Three-digit gain was also registered after nearly five months.

Reflecting the rise in metal stocks, the BSE-Metal index spurted by 123.68 points or 2.36 per cent to 5372.83.

The broad-based BSE-100 index increased by 62.58 points to 3308.78.

The volume of business dropped to Rs. 2,285.35 crores from Rs. 2,332.77 crores.

RIL remained the top traded scrip with the highest turnover of Rs. 397.26 crores followed by Maruti Udyog (Rs. 85.06 crores), Tisco (Rs. 72.89 crores), HDFC (Rs. 68.85 crores) and Tata Power (Rs. 64.99 crores).

The BSE-200 and the Dollex-200 were quoted higher at 811.16 and 300.31 against 797.03 and 294.69 respectively.

The BSE-500 looked up by 42.60 points to 2538.13 while the Dollex-30 ended higher at 1124.20 against 1100.32.

In the specified group, 148 counters registered sharp to moderate gains while 49 others finished with losses.

PTI

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